British Columbia focused Taseko Mines Ltd (TSX: TKO) said its Gibraltar mine produced 19.1
million pounds of copper and 217,000 pounds of molybdenum in the second quarter, and for the first six months produced 39.0 million lbs Cu and 404,000 lbs Mo, with the latter figure up 46 percent from the year-earlier figure.
Productuion is currently in line with production guidance of 80 million lbs Cu and 800 mln lbs Mo in 2009.
Total cash costs for the second quarter came to US$1.30/lb per pound, while for the first half, total cash costs averaged US$1.23/lb.
President and CEO Russell Hallbauer said: “The copper price strengthened during the second quarter, averaging US$2.12 per pound on the London Metals Exchange. Today's price is over US$2.50 per pound and with our recent mine enhancements, Taseko is well positioned to capitalize on the much improved price environment."
“We are on track to achieve annual production capacity of 115 million pounds of copper by the middle of 2010. Engineering and operations personnel are currently examining ways to accelerate this timeframe."
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